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Providence Ventures

Investors in Health Innovation

Providence Ventures was founded in 2014 to manage a $150 million venture capital fund on behalf of Providence Health & Services. The fund is designed to achieve venture class returns through direct investments in innovative health care companies that improve quality and convenience, lower cost and improve health outcomes. Based in Seattle, but investing nationally, Providence believes health care innovation must come from the inside out. We offer investment capital, combined with health system expertise, to companies addressing existing and emerging pain points in health care. Providence Ventures partners with our portfolio companies to refine existing solutions while expanding their adoption within and beyond our system.

Providence Ventures and Strategy & Innovation

Providence Health & Services’senior management team is leading the creation of an efficient, consumer-focused, digitally-enabled, integrated health system. They believe this can best be achieved through the identification and de-risking of early-stage technologies. This vision led to the creation of three distinct teams within Providences’ Innovation & Strategy organization.

Providence Ventures was created to advance health care delivery by funding technology innovations and work side by side with our colleagues who are actively building a digital platform to make it easier to collaborate with early-stage companies. We also tap into the expertise and engagement from colleagues focused onservices and beyond the hospital setting, at our primary and specialty care clinics, home health care, hospice, housing and more. Providence can add much more value than just capital to these collaborations, including access for early-stage companies to the continuum of care and world-class clinicians and experts. We are also refining processes that enable us to quickly implement innovations in care settings.

The Digital Innovation Group bbuilds new software services for three customer groups: patients/consumers, clinicians and infrastructure for technology partners. Their goal is to create a seamless experience for consumers, patients and clinicians who engage with Providence. Composed of software development teams who write and integrate software, the group’s next-generation technology will deliver care on the patient’s terms: where, when and how they want their healthcare that has been to their needs.

The Consumer Innovation Group creates health related businesses in areas like women’s health, senior services and chronic disease. This group partners closely with Providence care givers and patients to create new services and tools designed to support a patient’s ongoing health between episodes of care.

All three teams work together to identify, pilot and drive adoption of new technologies and business models.

About our Fund

Fund Targets

Health Information Technology (and IT-enabled Services), such as:

Health care eCommerce

Patient Experience and Engagement

On Demand Care/ Home Care

Solutions that Improve Clinician Experience

Care Coordination/Care Management

Chronic Disease Management

Medical Devices and Diagnostics

Investment Strategy

Providence Ventures targets early- to mid-stage investment opportunities, preferring to be one of the first institutional investors in a company. Over the life of an investment, we seek to deploy $8 to $15 million. Our best opportunities to add value are investments that tightly align the interests of our portfolio companies and Providence Health & Services, through broad solution deployment and/or strategic co-development. We welcome the opportunity to partner with established venture funds as co-investors, however, syndication is not a prerequisite for our participation.